GOP Leader Blog
Letter from Office of Management and Budget on Economic RescuePosted by GOP Leader Press Office on September 28th, 2008
The letter displayed below is from the Office of Management & Budget (OMB) certifying that the new version of the economic rescue bill will cost “considerably less than $700 billion.” The letter was sent by OMB Director Jim Nussle to House Republican Leader John Boehner this evening.
This entry was posted on Sunday, September 28th, 2008 at 4:49 pm and is filed under economic rescue. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site. 5 Responses to “Letter from Office of Management and Budget on Economic Rescue”Leave a Reply |
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September 28th, 2008 at 8:50 pm
Get the Democrats to add the American Energy Act to the Bill and we could go for the Bill. It would stimulate the market, provide jobs and make us less dependent on foreign oil, hence keep more USA dollars at home.
September 29th, 2008 at 2:40 pm
Agree with above poster (texas) completely about the American Energy Act, which would offset the cost to the economy of any bailout/loan/guarantee program. There should be a mechanism to override any state or local red tape that delays drilling or development of nuclear energy.
Also, I think that you should propose that a revised bill address the root causes of the problem:
1. Try to get a bill that doesn’t enlarge the government, i.e., use loans to the banks instead of buyouts of bad assets.
2. If a buyout is absolutely necessary, make it very temporary, i.e., spin the assets off to the public within a guaranteed short timeframe, in a publicly traded fund or IPO that is not subject to onerous federal regulations.
3. Address the root causes of the issue, which would include repeal of the Community Reinvestment Act and mark-to-market accounting rules, and make sure that FNM, FRE and other firms like it do not socialize risk while privatizing upside.
4. Get McCain to go public on the genesis of the problems to the American people, with video of how Democratics frustrated attempts to reel in FNM and FRE, the consequences that failure to fix this will be, and how future bailouts will be unnecessary with a conservative alternative.
September 29th, 2008 at 10:16 pm
First let me state the letter is truly a good endorsement. Just how did everyone get off track with splitting the $700 billion amount into three portions anyway? I feel it a bad idea to split the amount, it is suppose to be about the solution not proportional solutions. My proposal would have created a National Infrastructure Bank, not something of a ordinary banking commercial entity as it would only be used as a ways and means for handling the Mortgage Bailout of $700 billion. Conservative banking procedures makes it difficult for purchasers because of limitations of online transferable amounts. I know PayPal only allows a maximum of $10,000 and a Money Order is limited to less than $2,000 esp. when cashing one, that leaves only a mail-in option for a Cashier Check and that requires much time to process the payment. Imagine 70,000,000 transactions each at $10,000 with three e-mails each and how much bandwidth that would have to have not that it would be a reason for using a Super Computer to handle the Bailout. That is how many transactions there are in the $700 Billion Dollar Mortgage Plan. OK so theres a way as I proposed in which Mortgages of this bailout are components of Commodity Bond Coupons which are instruments to purchase and have a balanced face value so that inflation does not cause them to be zero valued. In a Commodity Bond Coupon is a clause which makes it functional and that is the face value, if a buyer does not use the instrument to purchase by setting terms of the purchase the coupon can be sold at face value, also if the purchaser were to reject a purchase and can be traded as well. Therefore a purchaser would look through the database which is a website and has listings of the entire Mortgage Bailout Items and decides upon the terms to make the Commodity Bond Coupon Instrument for payments and this then is processed and once paid the listing is removed. Until paid the listing has a tab corner turned down denoting it has a buyer and is a pending sale, if both the corners of the tab are turned down the purchaser has returned the item and it is being re-listed and can be accessed by another purchaser. However limitations of purchase rights means that a purchaser cannot purchase a certain total of assets which leaves only a few available. A example of this is that 100,000 autos are in the list and a purchaser then is limited to only purchasing 100 of them or maybe fifty of them so the total is not placed in unavailable. Another example is bulk purchase when it is not needed, energy and warehousing is a necessity for purchasers and purchasing ten railroad train car loads of toilet paper seems out of fashion and it might be that some other purchaser would need at least one railroad train car load to purchase and this should not cause the other purchaser to go somewhere else to have to pay more for what they need when it is available in the listing. So there are issues which must be managed and I propose creating Help Topics to understanding all the issues, esp. regarding the Electronic US Savings Bonds use provided the member had pre-authorized and setup the feature for online use, this could make it possible for foreign nations to comply faster with their payment so help topics about this issue need be created for the web site and the software and esp. for the issued CD media, a Newsletter could alert members of this certainty. TreasuryDirect, is the online system that offers you 24-hour access to Treasury securities, so it would be certain. Investors can convert their US Savings Bonds which are paper to Electronic US Savings Bonds Using SmartExchange and consumer’s are welcome to complete a Online Application at their TreasuryDirect account. Another good Help Topic of course is “New Savings Bonds Rates” (Price). Individuals, Institutions, and Government can participate at TreasuryDirect. A good question to reserve for activity issues, “Would a Proxy Buyer be authorized to handle purchases for another nation, being located in America and recognized as a American business or a American investor”? I understand that some Auctions allow Proxy Buyers and they act on behalf of their client whom may want to remain secret and have the authority to pay as much as necessary for some item. I am assuring that there are experts that can put all this into working online programming and make it possible to solve America’s Mortgage Crisis.
The National Infrastructure Bank has no specific location of operation and could have a building allocated anywhere at anytime and it would not need be a permanent fixed address for the record since The National Infrastructure bank would merely be a website on a super computer and have software which works with the website and CD media which can be produced in paper form requiring the subscriber to make a copy of it to a disc to work from prior to discarding the paper CD media. A Newsletter every week would suffice keeping members knowledgeable of the progress of the Mortgage bailout Plan solution with figures denoting how efficient it is working to repay the Federal Reserve the $700 billion asset.
If we looked at how a illegal issue of taxing a bad deed were attempted to setup a way to fund the bailout plan we would see how bad Mortgages are those bad deeds and how non taxable a item is when it has no legal entities which support its existence. Therefore without entities a utility could not continue to claim asset management of deposit money which is held for a duration of having power or water or sewer to a property because the entities are non existent their authorization is fundamentally illegal and they must cease and decease their objective in attempting to claim even after which time the property is sold. I know that Altel Communications does this even after you have terminated the contract as it expired and sold your cellphone, they attempt to charge the new owner for the fee they claim you owe them and will not start service for the customer until you pay what they state you owe them. I had to pay them three times before they finally released the new owner from the billing and the new owner of my cellphone finally decided not to return it to me for a refund.
Remember this is a “Commodity Bond” Bank, it is not a Corporate Bank nor is it a Stock Market or Trading site to hangout and loath being unwilling to endorse what is available and make a spontaneous purchase or never purchase anything but use as a media to make conversation in regards to its posted commodities. Therefore operational 24 hours a day, seven days a week without regard for Holidays is how The National Infrastructure Bank would function.
Concerns:
Action to set forward new measures to handle “Commodity Bonds”.
Purpose:
Sets up standard for ten Divisions for “Commodity Bonds”.
(1) Consumer’s
(2) States
(3) Government
(4) Education
(5) Military
(6) Associations
(7) Organizations
(8) Insurance
(9) Emergency (Police, Fire, Rescue, Forestry)
(10) Foreign (External)
Our AMERICAN INFRASTRUCTURE is being damaged by those whom continue to operate it as if it were a game to play with the Banks and disasters that affect their choice and management positions which we cannot change or alter. The only recourse is to setup a “Commodity Bond” for investors and then work with all that is assets esp. all the assets which are endangered. Government can only make it possible for people to rebuild some of the time but not necessarily all of the time with the dollar figures surpassing billions of dollars each time the result is a overwhelming increase in the National Debt of the United States of America, states are not purchasing U.S. Savings Bonds nor Corporates or businesses as much as they should and that helps to decrease the National Debt with each purchase. In fact Southern States in danger of damages from hurricanes should always invest their assets in U.S. Savings Bonds. This is a valid alternative to being sure of your money investment.
October 1st, 2008 at 6:50 pm
You just don’t get it. This has only become a larger misrepresentation of the truth of what is wrong with Fannie Mae, and Freddie Mac. You may all get together and praise yourselves, but you have still not fixed the problem. Those who have been leaders in creating this problem have again managed to dodge any responsibility for their actions and the taxpayers will again foot the bill!! It may be a wonderful thing for politicians, but the problem has not been solved and the major players are going to actually gain in the end and the citizens and our children will pay, and pay, and pay for it!!!!
October 2nd, 2008 at 12:42 am
John,
Good work stopping the bailout bill since it had no Republican input. I think it’s wrong but don’t want to cut off my nose to spite my face. Hard to tell the magnitude of the pain if the bailout doesn’t pass but it appears no one does. Sooner or later this country will pay the price for excessive spending and this fiasco. No one seems to be able to cut spending and increased taxes will certainly kill the economy so what’s left, print fiat money and go into hyper inflation?
I had to dig hard (UTube) to find that Barney Frank, Chuck Schumer and the DEMS fought Bush’s push for regulation in 2003 and McCain in 2005 and 2007, plus the info on Chris Dodd, Obama and Kerry as 1,2,and 3 PAC recipients from Freddie and Fannie. This needs to be gotten to the public in a factual manner. This whole fiasco must be investigated and the acts of the perpetrators made known and prosecuted if law breaking can be proved. The very people like Frank leading the bailout bill are the reason we have this problem. They must be held accountable. I cannot believe Frank’s adding the ACORN siphon to this bill. Don’t let them get away with it.
P.S. I worked for AK Steel and attended a St. John’s small group meeting with you in West Chester at the Wertepny’s in the late 80’s or early 90’s. I lived next door at the time.
Roy Fisher